Industry NewsMortgage

Mortgage rates sag on economic woes

Demand for purchase loans unchanged from a year ago

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News that the unemployment rate rose in June and fears that an economic recovery could be delayed or derailed helped push mortgage rates down this week, with rates at or near lows for the year.Rates on 30-year fixed-rate mortgages averaged 4.51 percent, with an average 0.7 point for the week ending July 14, Fannie Mae said in releasing the results of its latest Primary Mortgage Market Survey.That's down from 4.6 percent last week and just a hair above the 2011 low of 4.49 percent seen in the first week of June. The 30-year mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February."Long-term bond yields and mortgage rates fell this week following a weak employment report," said Frank Nothaft, Fannie Mae's chief economist."The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2 percent, the ...